scholarly journals Light Industrial Real Estate between a Capital Market Asset Class and a Corporate’s Strategic Ressource. Evidence from the German Corporate Real Estate Market.

2017 ◽  
Author(s):  
Julian Seger ◽  
Andreas Pfnür
Keyword(s):  
Real Estate ◽  
Capital Market ◽  
Real Estate Market ◽  
Corporate Real Estate ◽  
Asset Class ◽  
Industrial Real Estate

Defining a corporate real estate management's (CREM) brand

2014 ◽  
Vol 16 (1) ◽  
pp. 60-76 ◽  
Author(s):  
Abdul Jalil Omar ◽  
Christopher A. Heywood
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
Relationship Building ◽  
Content Type ◽  
Study Approach ◽  
Brand Development ◽  
Corporate Real Estate ◽  
Multiple Case ◽  
Business Functions

Purpose – This paper aims to explore how branding theory can be used to understand corporate real estate management's (CREM's) relationships with its customers. Specifically, the perspectives of CREM executives and customers are used to develop a statement of a CREM brand. Design/methodology/approach – A multiple case study approach from four industry sections that consist of telecommunications, logistic, retail, and education from an emerging real estate market (Malaysia) and a mature real estate market (Australia). CREM executives and CREM customers from each case were interviewed to obtain information on CREM within organisations. Findings – The findings indicate that CREM supports the business by managing organisations' strategic real estate resources as its brand. CREM executives focus more on the technicality of real estate functions, while CREM customers expect corporate real estate (CRE) to support their business functions. Research limitations/implications – A CREM brand is important to CREM relationship building with the targeted customers. Successful brand development is able to increase CREM visibility to customers and at the same time gain appreciation of its contributions to the organisations. Originality/value – This is the first study that investigates CREM from a branding perspective. The mechanism for communicating CREM contributions using branding helps to increase acceptance from the customers.

scholarly journals Assessing the Possibility of Implementing Tools of Technical Analysys for Real Estate Market Analysis

2016 ◽  
Vol 24 (2) ◽  
pp. 85-96
Author(s):  
Justyna Brzezicka
Keyword(s):  
Real Estate ◽  
Capital Market ◽  
Traditional Approach ◽  
Supply And Demand ◽  
Technical Analysis ◽  
Real Estate Market ◽  
The Real ◽  
The Real Estate ◽  
The Real Estate Market ◽  
The Capital Market

Abstract Technical analysis (TA) and its different aspects are widely used to study the capital market. In the traditional approach, this analysis is used to determine the probability of changes in current rates on the basis of their past changes, accounting for factors which had, have or may have an influence on shaping the supply and demand of a given asset. In the practical sense, TA is a set of techniques used for assessing the value of an asset based on the analysis of the asset's trajectories as well as statistical tools. The work assumes three research objectives: 1) a review of tools applied in technical analysis, 2) an attempt at implementing selected tools of technical analysis for analyzing the real estate market (REM), 3) an assessment of the possibilities of implementing selected tools for assessing the real estate market on the example of the Olsztyn residential real estate market. The research hypothesis is a presumption regarding the possibility of implementing tools used in traditional technical analysis for the analysis of the real estate market accounting for the natural limitations and specifics of the market. The work extends scientific achievements in the part regarding the methods and tools of analyzing the real estate market as well as the connections between the real estate market and the capital market.

The linkage of real estate market and capital market

MSIE 2011 ◽  
2011 ◽  
Author(s):  
Weida Kuang ◽  
Hua Zhou ◽  
Yan Zhang
Keyword(s):  
Real Estate ◽  
Capital Market ◽  
Real Estate Market

scholarly journals International Real Estate Review

2017 ◽  
Vol 20 (4) ◽  
pp. 417-450
Author(s):  
Kim Hin Ho ◽  
◽  
Satyanarain Rengarajan ◽  
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
Future Expectations ◽  
Public And Private ◽  
Vector Autoregressive ◽  
Macroeconomic Conditions ◽  
Knowledge Based ◽  
Knowledge Intensive ◽  
Using Data ◽  
Industrial Real Estate

he behavioural structure of large and strategic industrial real estate accommodation does not exist in a vacuum. Instead, its fundamental investment values and yields are uniquely affected through the dynamic interaction among exogenous and endogenous forces related to the industrial real estate demand-supply conditions, macroeconomic and institutional polices as well as urban industrial plans. This study aims to understand the dynamic behaviour of the industrial real estate market in Singapore that is slowly transitioning from a capital intensive to knowledge intensive economy. Using data obtained from various sources between 2001Q4-2010Q2 which essentially capture three property cycles, we incorporate a vector autoregressive (VAR) approach to holistically model the industrial real estate market in Singapore with respect to its demand-supply conditions, market capitalization rates which encompass information about rental yields, capital values along with future expectations. This study will help policy makers and developers to understand the structure of the industrial real estate market in Singapore along with respect to its macroeconomic conditions. The results are insightful as the data capture both the public and private markets along with a new hi-tech industrial accommodation (science parks), which is slowly gaining prominence as of the turn at the 21st century as Singapore strives to steer towards a knowledge based industrial economy.

scholarly journals Zastosowanie metody kowariancji do określenia ryzyka na rynku nieruchomości komercyjnych

2005 ◽  
pp. 127-148
Author(s):  
Ewa Krawczyk
Keyword(s):  
At Risk ◽  
Real Estate ◽  
Capital Market ◽  
Value At Risk ◽  
Net Present Value ◽  
Risk Model ◽  
Fixed Time ◽  
Real Estate Market ◽  
Risk Models ◽  
Banking Institutions

The Value at Risk model allows answering the base question asked by investor. How much money could be lost with given financial resources involved into given project, in fixed time and fixed risk preference The covariance method used to estimate VaR is static model, but analytic manner of computing allows, after essential analysis, to determine value at risk relatively clearly and quickly. Presented attempt of initiating tool to analyzing quantified risk of investment on real estate market, specialized for capital market, gives observations: a) in the situation of significant growth of investments on real estate market, financed mainly by banking institutions, there is necessity to work out risk models for this market segment, allowing to limit excessive losses caused by too optimistic prices and inappropriate calculations of the effectiveness of the investment, b) well known and used risk models for capital market are basics for connection the both market segments - capital and real - and empirical verification, including investing projects, c) VaR model can be used for determining quantified risk of an investing project, characterized by profitability ratio Net Present Value, but received results should be treated with limited confidence.

Factors influencing the propensity of real estate investors in the UK to employ property derivatives

2019 ◽  
Vol 37 (2) ◽  
pp. 194-214 ◽  
Author(s):  
Alexander T. Hanisch
Keyword(s):  
Real Estate ◽  
Explanatory Power ◽  
Real Estate Market ◽  
Theory And Practice ◽  
Original Form ◽  
Content Type ◽  
Research Results ◽  
Asset Class ◽  
The Uk ◽  
Derivatives Markets

PurposeReal estate is the last major asset class without liquid derivatives markets. The reasons for that are not fully known or understood. Therefore, the purpose of this paper is to better understand the main factors that influence the propensity of commercial real estate investors in the UK to employ property derivatives.Design/methodology/approachThe research methodology that was chosen for this research is grounded theory which, in its original form, goes back to Glaser and Strauss (1967). A total of 43 interviews were conducted with 46 real estate professionals in the UK from property investment management firms (investing directly or indirectly in real estate), multi-asset management firms, real estate investment trusts, banks, and brokerage and advisory firms, among others.FindingsThe research results show 29 factors that influence the propensity of direct and indirect real estate investors in the UK to employ property derivatives. Out of the 29 factors, the current research identified 12 factors with high-explanatory power, 6 with a contributing role and 11 with low explanatory power. Moreover, factors previously discussed in the literature are tested and assessed as to their explanatory power. The focus of this paper is on those factors with high-explanatory power. From the research data, three main reasons have been identified as the sources of investor reluctance to trade in property derivatives. The first and main reason is related to a mismatch between motivations of property investment managers and what can be achieved with the instruments. The second reason, which ties in with the first one, is a general misunderstanding as to the right pricing technique of property derivatives. Finally, the third reason is a general lack of hedging demand from the investor base owing to the long investment horizons through market cycles.Research limitations/implicationsThe research contributes to the literature on property derivatives in various ways. First, it extends the literature on market hurdles in property derivatives markets by testing and extending the hurdles that were proposed previously. Second, the research shows that the existing pricing models need to be extended in order to account for the risk perception of practitioners and their concerns with regard to liquidity levels.Practical implicationsFor both theory and practice, the research has shown some limitations in using property derivatives for purposes such as creating index exposure or hedging. Another contribution, in this case to practice, is that this study provides a clearer picture as to the reasons that keep property investment managers away from using property derivatives.Originality/valueThe research results indicate that liquidityper seis not a universal remedy for the problems in the market. In addition to the need for improving the understanding of the pricing mechanism, practitioners should give more thought to the notion of real estate market risk and the commensurate returns that can reasonably be expected when they take or reduce it. This implies that property index futures currently do not price like those on any other investable asset class.

The pricing of corporate real estate holdings on the UK capital market

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Julian Seger ◽  
Kristina Stoner ◽  
Andreas Pfnuer
Keyword(s):  
Real Estate ◽  
Capital Market ◽  
Service Industries ◽  
Content Type ◽  
Balance Sheets ◽  
Corporate Real Estate ◽  
The Uk ◽  
Real Estate Assets ◽  
Estate Ownership ◽  
The Capital Market

Purpose The purpose of this study is to find out if corporate real estate ownership is priced into the capital market performance of non-property companies in the UK. This is of particular interest because ownership still represents a significant weight on the balance sheets and is predominantly considered unfavourable due to its bulkiness and difficult revisability in the event of changes in space demand. This draws attention to the UK as one of the most important European economies that have been exposed to strong uncertainties and dynamics, for example, due to the withdrawal voting of the United Kingdom from the European Union (BREXIT). Design/methodology/approach A first look at the real estate assets reported in balance sheets provides insight into possible changes in ownership strategy. This serves as a basis for subdividing companies based on their real estate assets using a portfolio-based approach and that are then analysed using the Fama and French multi-factor model with regard to their influence on capital market returns. Findings In general, the share of real estate assets has fallen over the past 10 years, although coinciding with BREXIT voting, some industries such as manufacturing show a turnaround. At the same time, ownership is priced in as a factor on the capital market, which applies to a sample across industries, as well as to separately considered sectors in the manufacturing and service industries. The pricing also shows a counter-cyclical pattern. Practical implications Corporate real estate management should be aware of the negative influence of ownership, especially against the background of economic fluctuations. The reduction of ownership can reduce the associated cost of capital and increase company success. Originality/value Previous UK-related studies mostly refer to a period before the global economic crisis in 2008, and therefore, are too old to reflect a changed view on corporate real estate ownership because of new corporate environmental conditions, based on inaccurate proxies or mainly refer to the retail segment. This research gap is closed.

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